The deal brings Lucasfilm under the Disney banner with a plan to preserve and expand the "Star Wars" franchise. "Star Wars Episode 7" is already in the works, expected to open in theaters worldwide in 2015.
"Disney has a unique ability to grow strong brands and expand fantastic creative content as we've proven with our acquisitions of both Pixar and Marvel," Disney CEO Bob Iger said.
The addition of Lucasfilm brings with it Darth Vader, Luke Skywalker and the rest of the "Star Wars" family. Creator George Lucas said he had been thinking about selling his company for the past four years and was intent on having it go to Disney, refusing to shop it around.
"I probably could have gotten more money if I would have competed, but that's not really the issue for me, it's really a matter of making sure the film is secure, and the property is secure and it's well taken care of," Lucas said.
As for Lucas, he says the deal with Disney is his retirement plan, though he's not completely finished with Lucasfilm.
"I'm going to remain as a consultant on the pictures, the three movies, 7, 8 and 9," he said. "I'll be the Yoda in the corner, so when they get confused, I can tell them what that means."
Taking over the helm at Lucasfilm is Kathleen Kennedy, the second most successful film producer of all time. She will report to Walt Disney Studios Chairman Alan Horn.
Disney is the parent company of ABC7.